Wema Bank Plc on Wednesday announced N100.6 billion profit before tax in its unaudited result and accounts for half year (H1) ended June 30, 2025, a significant increase of 229.12 per cent from N30.6 billion declared in unaudited half year (H1) ended June 30, 2024.
After paying at tax of N13.08 billion, the lender on the Nigerian Exchange Limited (NGX) posted a profit after tax of N87.52 billion in H1 2025, representing an increase of 229 per cent from N26.66 billion declarrred in H1 2024
Wema bank in its profit & loss figures declared N303.73 billion gross earniinggs in H1 2025, up by 69.52 per cent from N179.2billion reported in H1 2024.
Besides remarkable increase in profit & loss figures, Wema Bank also declared significant increase in total assets that moved to N3.97 trillion as of June 30, 2025, a growth of 10.5per cent from N3.59 trillion it closed 2024 financial year.
In the period under rewiew, the financcial institition loans and advances to customers stood at N1.43 trillion as of June 30, 2025 from N1.2 trillion reported in 2024, while deposits from customers moved to N2.6 trillion as of June 30, 2025 frrom N2.52 trillion reported in 2024.
The financcial institition in its audited consolidated financial statements for the period ended December 31, 2024, to the Exchange had announnced a profit before tax of N102.51billion, representing an increase of 135 per cent over the N43.59 billion recorded in the corresponding period in 2023.
The management paid shareholders a dividend of N1.00 per share on the back of the impressive result.
The Bank’s Balance sheet remained well structured, diversified and resilient with Total Assets at N3,585.05 billion in 2024, up by 60per cent from N2,240.06 billion in 2023.
The bank also grew its deposit base to 2,523.82billion, representing 36 per cent increase from N1,860.57 billion reported in 2023. Loans and Advances closed 2024 at N1,201.21, about year on year by 36 per cent growth from N801.10 billion in 2023.
Managing Director/CEO of the Bank, Wema Bank, Mr. Moruf Oseni in a statement had stated that the strong 2024 performance stems from the commercial bank’s focus on strong strategy execution in the key areas of risk management, customer relationship management and digital banking.
“Our people are committed to the institution’s founding ethos of supporting Nigerian businesses and individuals with the most innovative banking products and services. ALAT our flagship digital platform continues to lead in the adoption of digital banking services across the increasingly young Nigerian populace.
“An example of this innovation is ALAT XPlore, the first licensed banking App for teenagers designed to help teenagers ages 13-17 build their money management skills, achieve their financial goals and become financially responsible.
“Despite the constrained operating environment, the bank continues to experience strong growth across all its financial indices reflecting the quality and resilience of the workforce.
“The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 135per cent. The growth of Gross Earnings by 92per cent, Total Assets by 60per cent and earnings per share at 483.20kobo shows the core improvements to our balance sheet.
“In addition, our cost-to-income ratio of 56.23 per cent has witnessed significant improvement from the previous period. Finally, it is important to mention that the Bank’s Capital Raise Program will also commence in April 2025 with a N150billion Rights Issue.”
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